The cryptocurrency market experienced a sharp drop recently amid geopolitical tensions in the Middle East over the weekend. However, following a reduction in tension between countries and the approval of exchange-traded funds (ETFs) of Bitcoin and Ethereum spot in Hong Kong on April 15, the Bitcoin achieved a remarkable recovery, pushing its price above $66.000.
Analyzing the current scenario, Peter Schiff, a gold advocate and Bitcoin skeptic, shared a prediction about the largest cryptocurrency's price movement. In his analysis, Schiff emphasized that the $60.000 zone is a crucial support level for BTC.
According to Schiff, if the largest cryptocurrency on the market were to experience a decisive break below the highlighted level, it could establish a “triple top” pattern, potentially taking the price to a sharp drop to the $20.000 zone. He recalled that a drop of this degree would lead companies like MicroStrategy to very significant losses due to holding a huge amount of BTC tokens.
“$60K is critical support for Bitcoin. A decisive break below this level will create a formidable triple top. The immediate negative projection is a move to $20. At this price, $MSTR will have an unrealized loss of $2,7 billion on 214K Bitcoin purchased at an average price of $34K.”
$60K is critical support for # Bitcoin. A decisive break below that level will create a formidable triple top. The immediate downside projection is a move to $20K. At that price $ MSTR will have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K. pic.twitter.com/F1P0NpLS3X
- Peter Schiff (@PeterSchiff) April 14, 2024
At the time of publication, the Bitcoin price it was quoted at US$66.095,33, up 0.2% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$32.603.720.976. Over the past seven days, BTC has fallen by 10.6%.